Emami Paper Mills, a part of the Rs 6,000 crore Emami Group, has received an approval for raising Rs 120 crore through issue of preference shares to finance its expansion project at Odisha’s Balasore. The board of director at its meeting held on June 14, 2013, has considered and approved the issue of 30,00,000 Cumulative Redeemable Non-Convertible Preference Shares of Rs 100 each at a premium of Rs 300 each aggregating to Rs 120 crore.
The amount raised will be used for part finance of the Expansion Project at Balasore, Orissa for manufacturing 100,000 TPA Multi-Layer Coated Board paper. The shares would be issued on preferential basis to the promoters of the company in one or more tranches.
Emami Paper Mills is engaged in manufacturing of NP and Printing and Writing Paper (PWP) with aggregate installed capacity of 145,000 tonnes per annum. The company is one of the leading NP manufacturers in India and caters to majority of the newsprint buyers in Eastern India.
| Company Name | CMP |
|---|---|
| JK Paper | 356.10 |
| TN Newsprints | 145.55 |
| West Coast Paper | 510.65 |
| Emami Paper Mills | 86.14 |
| Seshasayee Paper | 227.15 |
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